The National Association of Realtors (NAR) reports its pending home sales index of existing homes rose 3.5 percent in Feb., to 109.1, the highest level in seven months, as cnbc tells MHProNews. With Jan.’s rate revised to indicate a three percent decline, lower than initially perceived, the fluctuating numbers make it difficult to determine the strength of the housing market.
Economists surveyed by Reuters had forecast a rise of 1.2 percent for Feb. Compared to one year ago, contracts have risen 0.7 percent. Typically, a sale is completed a month or two after the contract is signed.
Regionally, pending sales rose the most in the Midwest, +11.4 percent, with more modest gains in the South and West, while the Northeast slipped -0.2 percent, reports the Associated Press. ##
(Photo credit: Associated Press/Paul Sakuma)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.